Svmuureported on Sunday that after the Department of Justice concluded its investigation into Powell, Republican Senator Thom Tillis dropped his opposition to Kevin Warsh's Federal Reserve Chair nomination confirmation process. The Senate Banking Committee ultimately voted 13 to 11 in favor of sending Kevin Warsh's nomination as Federal Reserve Chair to a full Senate vote. According to the official website of the U.S. Senate Banking Committee, the vote is scheduled for April 29th at 10:00 AM Eastern Time.
On the same day, the Federal Open Market Committee will also announce its latest interest rate decision. Current Chair Jerome Powell will preside over his 63rd—and potentially final—press conference since taking the helm of the Federal Reserve eight years ago. Powell's term as Federal Reserve Chair expires on May 15th, but his term as a Board member runs until January 31, 2028. Whether Powell will also step down from the Federal Reserve Board of Governors has become a key focus for the market.